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The Basics Of Real Estate Investing

Sep 16, 2008
For many, the real estate game can be a bit confusing, but it doesn't have to be with a bit of general knowledge, and investment savvy. The trick is to do your homework before you start investing. What does this mean? It means that you do not ask your mother or father or friends about property investing if they have never invested in property themselves. It would be like being coached in Tennis by someone who has never played Tennis - you wouldn't do it. You would check out the credentials and qualifications of that individual, meet them and decide whether you want to do business with that person or people and then you would part with your money. To become a more intelligent real estate investor, you need to meet other real estate investors. This means going along to real estate investment clubs, property conventions, landlord associations and the like.

Most good real estate investors know where to look for good deals and good properties. If you are not familiar with the area that you're looking in, make sure that you get the knowledge, speak to other real estate investors, check the local census, and invest some time understanding the market analysis for the area. Without a knowledge of the local area, you cannot know what property deals are going to be good deals, and which ones are going to be bad. Certain local areas are going to be better investment choices than others. Look for areas that are growing and yet still have properties at a good value. If this is not possible, maybe because you do not have much time, then start with your own area where you live. What I used to do was when I came home from work, I used to walk around the streets that made up my area to improve my local geography and see where the properties were that people would want to live in. So whether you realise it or not, you are already a property expert for your own area.

You'll also need to understand the basic real estate negotiations and terminology. Negotiating is how you get a good deal. Without negotiation, you're going to pay too much for your investment property and will reap no rewards. The terminology that many real estate investors use is another item that you will need to understand. Vocabulary, and the actual terminology needs to be understood in order to understand earnest money agreements, interest, down payments, conditions of sale, and other real estate terms. If negotiation is not one of your strong points, then make it a strong point. If you do not or cannot you will always end up with a worse deal for yourself.
About the Author
Alexander West holds the Financial Planning Certificate. One of his passions is learning and teaching people about finances. To read the rest of this article and to join others creating more wealth in their lives at Click Here
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